Euromoney Institutional Investor PLC, the international online information and events group, has issued a pre-close trading update ahead of the announcement of its results for the year to September 30, 2013.
Since issuing its Interim Management Statement on July 25, 2013, trading has continued in line with the board’s expectations. The recovery in US markets, and in particular in the profitability of US financial institutions, has continued, while European markets have remained weak and emerging markets have settled down after the uncertainty earlier in the summer.
Revenues for the fourth quarter are expected to show a headline increase of 9% on the same period last year, and an underlying increase, excluding acquisitions, of 5%. The improvement in advertising highlighted in the July IMS has continued, with advertising revenues returning to growth for the first time in two years. Underlying subscription revenues, excluding acquisitions, increased by 4%, helped by the reversal of timing differences from the third quarter.
Total revenues for the year to September 30, 2013 are expected to show a headline increase of approximately 2% on 2012, of which half has come from acquisitions.
Exchange rate movements have not had a significant impact on headline or underlying revenues.
The group expects to announce an adjusted profit before tax* of not less than £114 million for the year to September 30, 2013 (2012: £106.8 million) including a contribution from acquisitions, after financing costs, of nearly £2 million.
At current exchange rates, group net debt at September 30, 2013 is expected to be no more than £10 million, against £38 million at March 31. This reflects the group’s traditionally strong second half operating cash flows as well as acquisition payments of £13m in the period.
The year end results will be announced on November 14, 2013.
UK, London
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Fusion Corporate Partners 
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